The last few months have been interesting to say the least! With changes to interest rates and the economy there has been an inevitable knock-on effect to the property market, albeit small.
The sudden rise in interest rates, along with the increased cost in living gave plenty of home-buyers pause for thought. However, interest rates have stabilised and while higher than we’ve been used to for years, are still relatively low.
Added to this, there are still plenty of people looking to move who missed out on properties in the very busy market we’ve seen over the last two years.
Alongside the family home market, the investment market (cash buyers, overseas buyers and/or multi-property owners) is just as strong as ever. These buyers are not concerned about interest rates as they don’t need to mortgage and those moving money from overseas are making significant savings on the exchange rate. We’re seeing strong investment from the US, China, Hong Kong and Dubai.
In terms of price, the impact has been negligible – for correctly priced properties. The market has seen a small dip in property prices in the south east of around 2.3%*. As always, read behind the click-bait headlines for the full story!
Those who have over-priced will see little interest and/or offers. Several agents are over-pricing properties in order to win a listing which is not only frustrating for professional agents but counter-productive for sellers who may end up accepting less than they could have achieved if they had gone on the market at the right price initially.
In terms of activity, the market was busy right up to and after Christmas. We were still fielding viewings and offers in the days leading up to Christmas! Boxing Day marked the start of the spring market and 2023 has got off to a strong start which we expect to see grow as the year progresses. Volume of sales will likely be less than 2022, but strong enough for genuine buyers and sellers to secure the move they’ve inevitably been looking for for some time.
If you’re looking to put your property on the market, please do call us to discuss how to best price and market your property.
Founder & Director